September 7, 2007
MBA: not exotic, just stable
By Cory Hopkins
The Massachusetts Bankers Association says its members' prudence in not offering "exotic" mortgages in the past few years have helped state banks avoid many of the foreclosure and subprime woes currently hindering the lending industry.
A recent MBA survey indicated that 72 percent of banks in Massachusetts reported no foreclosures in 2006, while 99 percent reported less than five total foreclosures last year.
Daniel Forte, president and CEO of the MBA said that Massachusetts banks have plenty of funds available for qualified mortgage borrowers, and stressed that the current subprime crisis did not emanate from local banks, but rather from mortgage brokerage firms and other, riskier lenders.
A recent MBA survey indicated that 72 percent of banks in Massachusetts reported no foreclosures in 2006, while 99 percent reported less than five total foreclosures last year.
Daniel Forte, president and CEO of the MBA said that Massachusetts banks have plenty of funds available for qualified mortgage borrowers, and stressed that the current subprime crisis did not emanate from local banks, but rather from mortgage brokerage firms and other, riskier lenders.
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